Global Pallet Market Analysis & Opportunity Outlook 2021

Pallet is flat base structure used for goods stacked atop it for transport and shipping purpose. Pallet facilitates the transportation of goods and containers in a stable manner by providing support while moving the goods from one place to another and can be elevated by forklifts, jacking devices pallet jacks and front loaders.

Increased consumerism on the back of expanded personal disposable income across the globe has allowed the Indian pallet market to reach new heights. Global pallet market is anticipated to grow at a compound annual growth rate (CAGR) of 5.24% over the period 2015-2021.

Market Segmentation

By Product

On the basis of product type, India pallet market can be segmented into:

Plastic Pallets

Corrugated cardboard Pallets

Wood Pallets

Metal Pallets

Lightweight plywood pallet

Press wood pallet

By Application

On the basis of application, India pallet market is classified as follows:

Glossary Manufacturing

Chemical

Food & Beverage

Packaging

Automobile

Retail

Cement

Dairy

By Shape and Size

On the basis of shape and size, India pallet market is classified as follows:

Two-way Pallets

Four-way Pallets

Open Pallets

Closed-boarded Pallets

Wing Pallets

Reversible Pallets

By Usage

On the basis of usage, India pallet market is classified as follows:

New pallet

Used pallet

Recycle pallet

Heat treated pallet

Growth Drivers and challenges

Increased demand from the user industry, up-surged economic activity, positive business sentiments and rising investment in the manufacturing and infrastructure facilities are the major growth drivers for global pallet market in the upcoming years.

In addition to that, escalating demand from packaging and automobile industry is yet another factor to act as a growth driver for the global pallet market in coming future.

The limited availability of raw material and high cost of raw material are the two major challenges for the global pallet market.

Market Size and Forecast

Global pallet market is anticipated to garner USD 51.6 Billion by the end of 2021. Further, the market is expected to witness a compound annual growth rate (CAGR) of 4.8% during the forecast period.

In the terms of geography, Asia Pacific market dominated the overall packaging machinery in 2016. In Asia Pacific, manufacturing industry is poised for huge growth, which further, is likely to impel the growth of the pallet market. North America is the second largest region witnessing the augmented demand for pallet. After North America, Europe is the biggest market for pallet and is projected to showcase robust demand for pallet during the forecast period.